RYCO Capital signs $78.7M refi for nine properties in Manhattan

RYCO Capital through the entity 502 Laguardia LLC (and others) as borrower signed a refi loan with lender Webster Bank valued at $78.7 million for nine properties with 97 residential units including the 24-unit residential walkup building (C7) at 142 West 4th Street in Greenwich Village, Manhattan, 24-unit residential walkup building (C7) at 140 West 4th Street in Greenwich Village, Manhattan, and 16-unit residential walkup building (C7) at 34 Carmine Street in Greenwich Village, Manhattan.
The deal closed on March 8, 2024 and was recorded on March 20, 2024. The nine properties have 92,209 square feet of built space and 3,600 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $853 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RYCO Capital was James D. Ryan III of RYCO Capital. The signatory for Webster Bank was Michael Savarese.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 37 Carmine Street.

The property

The residential walkup building at 37 Carmine Street with 8 residential units in Greenwich Village has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension II. The city-designated market value for the property in 2022 is $9.9 million. The most recent loan totaled $7.2 million and was provided by Ready Capital on June 30, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received nine DOB violations and $8,170 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 37 Carmine Street, PincusCo has identified the owners of 13 of the 27 commercial properties representing 143,409 square feet of the 247,086 square feet. The largest owner is Theodore Shine, followed by Superior Management and then Sol Goldman Investments.
There are no active new building construction projects on this tax block.

The majority, or 58 percent of the 247,086 square feet of built space are walkup buildings, with elevator buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Ryco Capital owned at least three commercial properties with 40 residential units in New York City with 44,642 square feet and a city-determined market value of $20.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 61 percent of the 44,642 square feet of built space are elevator properties, with mixed-use properties next occupying 26 percent of the space. They are all located in Manhattan.

Correction: A prior version of this post indicated that Alchemy Ventures was an owner. They were previously and owner but are no longer one.

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